近期，在港股市场持续震荡调整的背景下，一股"逆市抢筹"的暗流正在涌动。 据21世纪经济报道记者不完全统计，10月初以来，15只港股主题新基金不约而同地选择提前结束募集， 尤其是科技主题ETF基金，多只在近期成立后迅速拉高股票仓位，呈现出显著的"快发快建"特征。 这一系列动作背后，是机构投资者对港股估值洼地的共识，以及对市场回调带来的布局窗口期的积极把 握。 快速结募建仓 自2025年10月触及阶段高点后，港股市场进入调整通道。然而，市场的回调并未冷却资金的热情，反而 激发了机构逢低布局的意愿。 21世纪经济报道记者根据公开信息不完全统计发现，自10月10日至12月19日，已有至少15只港股主题新 基金宣布提前结束募集，产品类型覆盖被动指数型（9只）、偏股混合型（4只）、普通股票型基金（1 只）、QDII基金（1只）等。 值得注意的是，此次提前结募潮呈现两大鲜明特点：一是时间大幅提前，二是部分科技ETF建仓迅速建 仓。 在结募时间上，多家基金公司将原定募集截止日大幅提前。例如，鹏扬港股通精选混合的募集截止日从 2026年1月19日提前至2025年12月13日，提前超过一个月；路博迈港股通科技股票基金的募集期更是 ...

Group 1 - The core viewpoint of the news highlights the performance and potential of the Dividend Low Volatility 50 ETF (515450), which has shown a recent upward trend and significant net inflows, indicating strong investor interest [1][2] - As of December 2, the latest scale of the Dividend Low Volatility 50 ETF reached 13.937 billion yuan, with a total of 9.549 billion shares, both hitting new highs in the past three months [1] - The ETF has experienced continuous net inflows over the past 19 days, totaling 0.852 billion yuan, reflecting a positive sentiment towards high dividend stocks [1] Group 2 - Huatai Securities notes that the market's risk appetite has declined, with the current All A ERP near the five-year rolling average, while high dividend sectors, particularly banks and oil, have performed relatively well [1] - Looking ahead to December, Huatai Securities suggests that the market risk appetite may recover, and the configuration value of high dividend sectors remains attractive despite a marginal decline compared to November [1] - China Galaxy Securities indicates that the A-share market is in a consolidation phase with rapid sector rotation, and institutions are preparing for next year's economic outlook, focusing on themes like "anti-involution" and dividends [2]

Group 1: Major Asset Tracking - The bond market is expected to experience short-term upward fluctuations, while the long-term downtrend remains unchanged. The target is set near the low point of September 30, 2024 [18][10]. - The A-share market has recently broken through short-term support levels, with the Shanghai Composite Index nearing the critical support level of 3920. If this level is breached, further downside potential may open up [21][5]. - The U.S. stock market is anticipated to enter a short-term adjustment phase, particularly in the rapidly rising AI sector, which may face valuation corrections [27][25]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of "building high walls (dividends), accumulating grain (reducing positions), and waiting for opportunities" in the A-share market [21][10]. - In the U.S. market, the S&P 500 index has a support level around 6630, and investors are encouraged to wait for "buy the dip" opportunities [27][10]. - The commodity market is currently in a state of observation, with the overall performance being weak and suggesting a cautious approach [32][10]. Group 3: Foreign Exchange Market - The onshore RMB against the USD reported at 7.1110, showing an increase of 36 basis points from the previous close. There is a potential for the RMB to weaken in the short term [28][10]. - The offshore RMB/USD is forming a triple bottom structure, indicating possible future movements [30][10]. Group 4: Important Policies and News - The Ministry of Industry and Information Technology aims to establish around 200 high-standard digital parks by 2027, enhancing digital infrastructure and application [36][10]. - The U.S. Federal Reserve officials have expressed caution regarding further rate cuts, indicating a careful approach to monetary policy [40][10].

Core Viewpoint - The A-share market has shown increased volatility since November, with notable style switching between traditional value sectors and previously strong sectors like metals, new energy, and innovative pharmaceuticals [1] Market Outlook - The market is expected to experience a phase of consolidation after reaching a temporary high, with a focus on positioning for next year [1] - The completion of the annual economic growth target is largely assured, with potential policy measures likely to be implemented at the beginning of next year [1] Investment Opportunities - Key areas to focus on include: - High-prosperity energy storage industry chain - Bottoming cyclical industry chain - Traditional manufacturing upgrades under the "anti-involution" theme - Overseas industry chain - High dividend yield stocks [1]

Core Viewpoint - The Hong Kong stock market is showing a clear upward trend in the fourth quarter, with the "barbell strategy" being the optimal choice to respond to market changes, where the technology sector serves as the "offensive spear" of this strategy [1] Group 1: Market Strategy - The barbell strategy consists of two ends: the technology sector benefiting from the AI revolution and new productivity, focusing on high-growth opportunities, while high-dividend sectors provide stable cash flow to mitigate market risks [1] - This allocation aligns with the current market environment characterized by "policy support + technological breakthroughs" and matches the preferences of foreign institutions for leading growth stocks and high-dividend dual lines [1] Group 2: Investment Opportunities - For investors, positioning in the Hong Kong technology sector represents the most imaginative growth opportunity in a volatile market, achieving a balance between offensive and defensive strategies [2] - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology industry chain, and the Hang Seng Internet ETF (513330), which focuses on leading internet companies [2]

Group 1 - The market is experiencing increased uncertainty due to external tariff disturbances, leading to a shift in capital preference towards defensive sectors such as banks and high-dividend assets, with the Hong Kong Central Enterprise Dividend ETF rising over 4% this month and a net inflow of 310 million yuan [1] - The stability of state-owned enterprises' performance and their high dividend characteristics are attracting risk-averse capital, especially following Hubei Province's proposed reforms in state asset management [1] - Despite trade frictions impacting the narrative around AI in the Hong Kong stock market, there is still significant inflow into related technology sectors, with the largest constituent of the Hang Seng Technology Index ETF seeing a net inflow of 3.149 billion yuan in October [1] Group 2 - The Hang Seng Technology Index ETF includes core Chinese technology assets such as SMIC (chip manufacturer), Alibaba, Tencent, Baidu (internet giants), and smart hardware companies like Xiaomi and Lenovo [2] - Goldman Sachs believes that the Chinese stock market is entering a more sustained upward phase, predicting a 30% increase in key indices by the end of 2027, driven by AI reshaping profit structures and capital expenditures boosting profits [1]

Core Viewpoint - The A-share market is experiencing a collective decline, but high dividend sectors continue to perform well, with the S&P A-share Dividend Index leading the way, indicating a long-term positive trend in the stock market [1][4]. Market Performance - On October 22, the three major A-share indices weakened collectively, with overall market volume decreasing. The S&P A-share Dividend Index rose by 0.20%, marking three consecutive days of gains [1]. - The S&P Dividend ETF (562060) also saw a steady increase, closing up 0.17% and reaching a new high of 0.596 yuan during the day, with strong buying power [1]. Fund Inflows - Despite recent market fluctuations, the dividend sector has seen increased capital inflows, with the S&P Dividend ETF (562060) attracting over 110 million yuan in the last 10 trading days [1][4]. Stock Performance - The S&P A-share Dividend Index's constituent stocks showed significant gains, with notable performers including Su Yan Jing Shen (up 5.93%), Dai Mei Co. (up 4.43%), and China National Offshore Oil Corporation (up 3.51%) [3]. - The top 10 gainers in the S&P A-share Dividend Index on October 22 included stocks with estimated weights and notable price increases [3]. Dividend Outlook - According to Everbright Securities, dividend assets have returned to relatively low levels, and many A-share companies are expected to announce quarterly dividends by the end of October, potentially reigniting the upward momentum of dividend assets [4]. - The S&P A-share Dividend Index emphasizes dividend stability and sustainable profitability, with a strict 3% individual stock weight limit, leading to a more balanced market capitalization distribution [5]. Historical Performance - The S&P A-share Dividend Index has shown a one-year return of 12.71%, outperforming other mainstream dividend indices [6]. - The index's cumulative return from 2005 to September 2025 reached 2469.11%, with an annualized return of 17.73%, highlighting its long-term investment potential [7].

Market Overview - A-shares experienced adjustments due to external market volatility, with the Shanghai Composite Index failing to break through 3900 points, the Shenzhen Component Index falling below 13000 points, and the ChiNext Index dropping below 3000 points, while the STAR 50 Index hit a one-month low [1] - Market turnover declined, ending a streak of 40 consecutive trading days with over 2 trillion yuan in daily turnover [1] Financing and Capital Flow - Margin traders continued to increase their positions in A-shares, with a net buy of over 14.4 billion yuan this week, bringing the margin balance to a historical high of 2.44 trillion yuan [1] - The non-ferrous metals sector saw a net buy of over 7.6 billion yuan, while the power equipment sector had over 2.7 billion yuan net buy, and both basic chemicals and biomedicine received over 1 billion yuan net buy [1] - The banking sector received over 12.3 billion yuan in net inflow, making it the only sector with net inflow exceeding 10 billion yuan this week [1] Sector Performance - The banking sector index has risen for seven consecutive days, approaching historical highs, with Agricultural Bank of China seeing a rare 11-day consecutive rise in its daily closing price, reaching a historical high [2] - The average dividend yield for the banking sector is 4.01%, with several banks exceeding 6% [3] - Coal stocks have strengthened recently, with the sector index rising by 5.9% this week, driven by the onset of the heating season [3][4] Future Outlook - The "14th Five-Year Plan" is expected to drive sector rotation in the A-share market, with a focus on digital technology, space economy, and healthcare [2] - The banking sector is anticipated to benefit from increased asset allocation by insurance companies as the fourth quarter approaches [3] - The coal industry is projected to maintain a balanced supply-demand situation, with potential price improvements due to seasonal demand [4]

Group 1 - The core market indices showed weakness on October 17, with high dividend sectors demonstrating defensive strength while bank stocks continued to perform well, particularly Agricultural Bank which saw 11 consecutive days of gains [1] - The S&P A-Share Dividend Index has led mainstream dividend indices, reaching new highs for two consecutive trading days (October 15 and 16), indicating strong performance [2][3] - The S&P Dividend ETF (562060) has shown resilience, with a year-to-date increase of 12.16% and a slight decline of 0.51% on October 17 [3] Group 2 - Institutional analysts believe that easing trade tensions could be a key turning point for the market, suggesting a defensive strategy focused on sectors with stable cash flow and high dividend yields, such as finance, telecommunications, and transportation [5] - The S&P Dividend ETF has attracted significant inflows, with a net inflow of 104 million yuan over the past five trading days, reflecting its strong investment value [5] - The S&P A-Share Dividend Index emphasizes dividend stability and profitability, with a one-year return of 24.56% and an attractive dividend yield of 5.18% [5][6] Group 3 - The S&P A-Share Dividend ETF and its linked funds have shown impressive long-term performance, with a cumulative return of 2469.11% from 2005 to September 2025, translating to an annualized return of 17.73% [7] - The ETF's performance is particularly notable in the context of declining risk-free rates and ongoing market uncertainty, highlighting its value as a stable investment option [7]

Core Viewpoint - The A-share market is experiencing fluctuations, with the ChiNext index dropping over 2% and the STAR 50 index nearly 3%, while the Shanghai Composite Index shows a slight increase of 0.21% [1] Market Performance - As of the midday close, the Shanghai Composite Index is at 3897.56 points, the Shenzhen Component Index has decreased by 1.02%, the ChiNext index has fallen by 2.24%, and the STAR 50 index has dropped by 2.84% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 1.6817 trillion yuan [1] Sector Analysis - The semiconductor sector is declining, while sectors such as insurance, coal, liquor, banking, oil, and real estate are seeing gains [1] - Gold concept stocks and the photovoltaic industry chain stocks are also active [1] Investment Strategy - Dongxing Securities indicates that the mid-term core trend of the A-share market remains unchanged, with limited impact from short-term external shocks [1] - The market is expected to maintain an upward trend as it consolidates around the 4000-point mark, with liquidity and the development of high-tech industries being the two core logical drivers [1] - The recommendation is to maintain confidence in the bull market and continue to favor the mid-term upward trend [1] Sector Allocation - The core position of the large technology sector is expected to remain stable, although short-term U.S.-China tensions may cause some disturbances for technology companies involved in overseas assets and supply chains [1] - Investors are advised to increase allocation to self-controlled sectors [1] - The cyclical sectors are still showing good prosperity and are suggested as one of the two core allocation lines, with a focus on military, pharmaceutical, and new energy industries [1] - High dividend yield stocks have become more attractive following a round of adjustments, making them a focus for conservative investors [1]